American Modern insurance review 2024
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At a glance
Bankrate's take
Policyholders with unique insurance needs, such as a collector car or a higher-risk home, might consider American Modern as their company of choice.
- Specialty insurance company for collector vehicles and unique homes
- May cover high-risk homes and cars that other insurers won’t
- Offers agreed value loss settlements for classic vehicles
- No third-party scores available from J.D. Power
We want to know what you think about American Modern
Do you have experience with American Modern? Let us know your thoughts.
American Modern car insurance review
If you’re looking for a car insurance company for a standard vehicle, American Modern won’t be a good fit. The insurance company specializes in auto insurance for a wide range of collector vehicles, from classic and antique cars to exotic vehicles, muscle cars and hot rods, restorations in progress and even collectible farm equipment. Because American Modern only insures unique, high-value vehicles like this, your vehicle must be stored in a locked garage in order to qualify for coverage.
American Modern groups its classic car insurance product along with insurance for yachts, boats and motorsports vehicles under the heading of “recreational” insurance. A full coverage collector car policy from American Modern is based on agreed value and comes with coverage for disaster relocation expenses and spare parts. Depending on your personal needs, you can opt for comprehensive coverage only or customize your policy with add-ons like trailer physical damage, collision, medical payments or uninsured motorist coverage.
Pros and cons of American Modern car insurance
Depending on your situation and what you’re looking for in car insurance, American Modern has a few pros and cons to consider.
Pros
- Auto policies specialized for collector and other high-value vehicles
- Agreed value loss settlement available
- Online product guide to help customers determine which policies suit their needs
Cons
- Some customers report a lengthy claims process
- No coverage for standard vehicles
- No high-risk driver coverage options
American Modern car insurance cost
Because American Modern is a specialty insurer for auto insurance, its average premium data isn’t publicly available. Car insurance rates can vary significantly between drivers depending on several variables, even when considering the same insurer — and in the case of collector car insurance, where each vehicle’s details impact the cost of coverage, the variations can be considerable. The national average cost of car insurance as of July 2024 is $2,278 for full coverage, but collector car insurance may cost more or less than this amount.
To see what kind of rate American Modern will offer you, request a quote and specify the type and amount of coverage you’d like. Compare American Modern’s rates with offers from other classic car insurers to find a deal that’s best for you.
American Modern customer satisfaction
There are several trusted third-party entities that review and rate insurers, some of which we considered in our American Modern Insurance review. Two of the more prominent company ratings are customer satisfaction and customer complaints, as provided by J.D. Power and the National Association of Insurance Commissioners (NAIC), respectively. These ratings and scores can highlight which companies perform better based on collected data.
American Modern did not score on the J.D. Power survey for auto insurance, but it does receive a financial strength rating of A+ from AM Best.
American Modern auto insurance customer complaints
The National Association of Insurance Commissioners (NAIC) keeps track of customer complaints against insurance companies and provides that data to the public. It produces an index for complaints based on the number of complaints about each company compared to its market share.
An index of 1.00 indicates the average number of complaints compared to market share. Higher scores mean more complaints than expected while lower scores mean fewer complaints. A lower index is better. American Modern has seen a significant reduction in customer complaints recently, with a complaint index of 0.71 for 2023.
American Modern car insurance discounts
To help save on auto premiums, American Modern offers a few discounts that drivers may be eligible for.
- Collections valued over $150,000: American Modern offers credits to customers with high-value collector vehicles, depending on how the vehicles are stored and protected.
- Car club membership: An approved car club membership could provide a discount.
- Accident prevention course: In some states, American Modern offers up to 10 percent off for drivers who have completed an accident prevention course.
- Anti-theft device: American Modern offers up to a 20 percent discount for installed certain anti-theft devices, depending on the feature. Discount amounts can vary between states.
American Modern home insurance review
American Modern home insurance may be of particular interest to people whose homes don’t meet standard home insurance requirements. All of American Modern’s residential insurance policies include opportunities to customize coverage, but your exact options may vary based on location, home age and condition, and other factors, so you may want to speak with an agent about what’s available to you.
American Modern offers modified homeowners insurance packages with specialized coverage for homes that don’t qualify for traditional insurance, with coverage options for second home, rental properties and vacant homes under renovation. Home insurance policies are split into several categories based on location, the age and value of your home and how you use it. For example, its homeowners insurance product is available for single- or two-family homes in average or better condition valued between $50,000 and $500,000. In some states, the Homeowners FLEX plan is available for homes built in or before 1960. For seasonal homes or hard-to-insure homes in need of basic coverage, American Modern offers two types of dwelling coverage.
Pros and cons of American Modern homeowners insurance
American Modern could be the best homeowners insurance company for some shoppers, but it comes with pros and cons. Here are a few factors to consider:
Pros
- Covers homes that may have been declined by standard carriers due to location, age or home type
- Has an A+ (Superior) rating from A.M. Best, highlighting financial strength
- Average rates are lower than the national average
Cons
- Named peril policies may cover fewer perils than some competitors
- Available discount savings may be less than those of competitors
- Coverage options are limited by location, home value, and other factors
American Modern home insurance cost
American Modern offers nontraditional home insurance solutions, so average rates for the carrier are not available. That said, if you're requesting quotes from the carrier, it may be helpful to know that the national annual average cost of a home insurance policy with $300,000 in dwelling coverage is $2,230. American Modern may be among the cheapest home insurance providers for homeowners with unique coverage needs, but rates can vary significantly depending on your coverage selections, home value and age, location and other factors.
American Modern customer satisfaction
Third parties like J.D. Power and the National Association of Insurers Commissioners (NAIC) typically insight into how well home insurance companies meet their customers’ needs. However, likely because it’s a smaller specialty insurer, American Modern wasn’t included in J.D. Power’s most recent property insurance satisfaction studies.
American Modern home insurance customer complaints
American Modern’s NAIC complaint index scores are consistently high, although they decreased slightly in 2023. At a score of 1.87, American Modern receives considerably more customer complaints than average. However, this number is down from a high of 2.38 in 2021, suggesting that American Modern’s customer support may be improving.
American Modern home insurance discounts
American Modern doesn’t advertise its home insurance discounts online, and the regional variation in its offerings may mean that your discount options are dependent on your location and coverage. However, a product guide produced for American Modern agents notes the following discounts for homeowners insurance, which could add up to a combined 20 percent or more off your premium:
- Association membership: If you’re a member of an eligible homeowners association, you might be eligible for a discount.
- Bundling discounts: If you purchase auto insurance or another type of residential policy through the same agent that manages your American Modern homeowners policy, you could qualify for a bundling discount.
- Claims-free discount: Applicants who go at least three years without claims may be able to get a discounted premium.
- Senior discount: American Modern may offer discounts to policyholders aged 50 years or older.
- Fire and security discounts: Various types of smoke or burglar alarms, along with other security measures like deadbolts, might earn you a discount.
- Paid in full discount: If you’re able to pay your entire annual premium as a single payment, you could be eligible for a discount.
- Paperless document discount: Opt for digital policy documents, and American Modern may reward you with a discount.
Compare American Modern with other insurers
Finding the right insurance company can be tricky, and it’s often wise to shop around and get quotes from multiple insurers before making a decision. If you’re still considering whether or not to go with this company, a few competitor options are listed below for comparison.
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Featured
American Modern
Not scored
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
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Progressive
4.4
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.2Coverage 5.0Support 4.3 |
Liberty Mutual
3.8
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 2.6Coverage 5.0Support 3.9 |
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OVERVIEW
Bankrate identified key carrier features, coverage offerings, discounts and more
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Policyholders with unique insurance needs, such as a collector car or a higher-risk home, might consider American Modern as their company of choice.
Read More
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Drivers looking for affordable car insurance after being categorized as high-risk may find Progressive attractive. High-risk drivers may have difficulty finding affordable policies from some insurers due to their risk status. Therefore, companies specializing in policies for these types of drivers can be beneficial.
Read More
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People looking to bundle life insurance with home or auto may consider Liberty Mutual. Like American Modern, Liberty Mutual is available throughout the nation. However, unlike American Modern, this company offers life insurance on top of home and auto policies and has a broader range of potential discounts.
Read More
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STANDOUT FEATURES
These features are some of the carrier’s most impressive
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Collector car coverage
Insures high-risk homes
Highly customizable policies
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Insures high-risk drivers
Low average rates
Classic car coverage available
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Robust discounts
Local agents available
Multiple insurance products
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AVG FULL COV. AUTO RATE
Average national annual cost of a full coverage auto insurance policy
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| No rates available | $1,865 | No rates available |
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J.D. POWER AUTO SCORE
J.D. Power’s Auto Claims Satisfaction Study assesses customer satisfaction with the claims experience on a 1,000-point scale
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| Not Scored |
870/1000 |
870/1000 |
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AVG HOME RATE
Average national annual cost of a home insurance policy with $300K in dwelling coverage
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| No rates available |
$2,369 |
No rates available |
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J.D. POWER HOME SCORE
J.D. Power’s Property Claims Satisfaction Study assesses customer satisfaction with the claims experience on a 1,000-point scale
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| Not Scored | Not Scored |
789/1000 |
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AM BEST RATING
AM Best ratings assess companies’ financial strength based on historical ability to pay out claims, among other financial obligations
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| Not Scored |
A+(Superior) |
A(Excellent) |
Why you can trust Bankrate
Read our full methodologyOur insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth American Modern insurance review.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
Is American Modern a good insurance company?
Like the hundreds of other companies Bankrate’s insurance industry experts have reviewed, American Modern has its perks and drawbacks. This company may be ideal for some people due to its specialized coverage and strong financial standing for both homeowners and private passenger auto insurance. Drivers of collector cars or people with homes that do not qualify for coverage in the standard market may find American Modern especially appealing. However, the company likely won’t be an option for consumers seeking high-risk auto insurance or those who qualify for traditional home insurance.
What are real-life customers saying about American Modern?
American Modern is an unusual insurance company — and since it’s not reviewed by third parties like J.D. Power, we prioritized finding reviews from real customers. To understand the American Modern customer experience, we turned to Reddit, where the carrier is discussed in forums devoted to classic car ownership and unusual homes, and to Yelp, where American Modern regularly interacts with customers.
The consensus: for some customers, especially those struggling to find coverage, American Modern offers great savings and coverage. For others, negative experiences with customer service and claims agents made American Modern a difficult insurer.
Two Reddit forums provided useful insights into the American Modern customer experience: r/McLaren, for owners of McLaren sports cars, and r/OffGridCabins, for owners of often-remote cabins off the electrical grid. On both forums, we found mixed feelings about American Modern, with some users praising the cost of coverage and others reporting dropped policies or refusal of coverage.
Yelp
We found a significant number of reviews for American Modern Insurance on Yelp, where the company regularly responds to customers expressing both frustration and satisfaction. Due to the nature of the platform, the majority of reviews on Yelp were negative, but we also found customers with successful experiences with customer service.
American Modern company details
Because American Modern’s insurance offerings are unique and may vary considerably depending on your situation, you may want to reach out to an agent before getting quotes to discuss your options. Contact information for American Modern can be found below.
- Customer service: 1-800-543-2644
- Claims: 1-800-375-2075
- Fax: 1-513-947-4040
- Bill payment: https://amig.com/customer/
- Claims mailing address: American Modern Insurance Group, Attn claims processing, PO Box 5323, Cincinnati, Ohio 45201-5323
State availability
American Modern Insurance operates in all 50 states and Washington D.C., though policy options may vary by location.
American Modern tools and benefits
Beyond its auto and home coverage, there are a few other features and insurance options you may want to consider when considering American Modern:
- Mobile app: American Modern offers a free mobile app for policyholders to manage their plans.
- Landlord insurance: Landlords can choose from short and long-term rental insurance to help deal with the risks that rentals face.
- Condominium insurance: American Modern offers condominium policies that cover the interior and contents of your condominium.
- Pet health insurance: This optional endorsement may be added to home insurance policies, and can help cover medical costs for pets.
- Vacant property insurance: This coverage can insure a home or other property that you are not using.
- Boat and yacht insurance: You can work with American Modern to insure a boat or yacht.
- Other vehicle insurance: American Modern offers specialized coverage for motorcycles, ATVs, UTVs, golf carts and snowmobiles.
Frequently asked questions about American Modern
